Spreadex Market Update
Tsipras attempts to convince MPs of Greek deal to try and unlock 3rd bailout
Fresh from his mental ‘crucifixion’ at the EU summit, Alexis Tsipras has another few tortuous days ahead of him as he tries to stem a growing left-wing rebellion in his own party, all in order to pass legislation by Wednesday that will go some way to unlocking a third bailout. Some are already speculating that inter-party issues over the weekend’s Greek deal could lead to a much-touted, and no doubt Germany pleasing, Tsipras resignation. Regardless, progress on this issue will be the main focus of the day, with a sprinkling of news from the latest ECOFIN summit thrown in for good measure.
The freshly re-elected Jeroen Dijsselbloem will reconvene the continent’s finance ministers, those of which coming from the Eurozone who must be sick of the sight of each other, with a finance bridge for Greece sure to be high on the agenda. George Osborne may well ruffle a few feathers today in Brussels, with the Chancellor ready to try and block any emergency funds for Greece coming from British shores, a move likely not to go down well with those who Osborne and Cameron will be seeking to renegotiate the country’s EU terms with in the coming months. The morning will also see ZEW economic sentiments for Germany and the Eurozone, something sure to help pass the time for news hungry investors, with the Eurozone indices looking a bit flat after the deal-excitement of Monday morning.
The FTSE is looking as limp as its Eurozone counterparts this morning, no doubt weighed down by the latest declines by the index’s old bogeyman Brent Crude. The commodity has continued its decline this Tuesday following reports that an Iran nuclear deal has been made, an agreement that has important, sanction-lifting, ramifications for the already saturated oil market. Things could get worse for the UK index later in the day, as the country’s latest inflation data is expected to show a slide back to 0% after edging up to 0.1% last month.
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